Jim Cramer's Reaction to Citigroup and Goldman Sachs Earnings - TheStreet.com

Jim Cramer weighed in on Citigroup and Goldman Sachs, which both released earnings before the bell Monday morning.

Citigroup's Earnings

Real Money Stock of the Day Citigroup (C - Get Report) posted better-than-expected results for the first quarter as a steep cut in the U.S. bank's effective corporate tax rate helped to offset a fall in stock-trading revenue, wrote TheStreet's Bradley Keoun.

Net income climbed by 2% from a year earlier to $4.71 billion, the New York-based bank said Monday in a press release. Earnings per share were $1.87, beating Wall Street analysts' average estimate of $1.80.

Goldman Sachs Earnings

Goldman Sachs (GS - Get Report) said first-quarter profit fell less than expected, as fees from advising on mergers and acquisitions helped to mitigate an abysmal performance from the Wall Street bank's juggernaut trading business, wrote Keoun.

Net income fell by 21% from a year earlier to $2.25 billion, the New York-based bank said Monday in a press release. Earnings per share were $5.71, beating Wall Street analysts' average estimate of $4.89.

Investment-banking fees climbed 1% from a year earlier to $1.81 billion, though revenue from trading bonds, commodities and currencies declined by 11% to $1.84 billion, and stock-trading revenue tumbled 24% to $1.77 billion.

Related. Citigroup's Mixed Results Prompt Muddled Reaction in Its Shares

Watch Jim Cramer's Daily NYSE Show and Replays Below

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2019-04-15 16:12:41Z
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Best Buy names new CEO as Hubert Joly steps down - Fox News

FILE - In this Nov. 26, 2015, file photo, Best Buy CEO Hubert Joly listens as a store manager speaks to employees before the store opens on Thanksgiving, in Minnetonka, Minn. The CEO credited with reviving a struggling Best Buy is stepping aside. Hubert Joly, 59, is handing leadership of the reinvigorated electronics retailer to longtime executive Corie Barry, 43, as part of the company’s succession plan effective June 11.(AP Photo/Bruce Kluckhohn, File)

NEW YORK – The executive credited with reviving a struggling Best Buy is stepping aside.

Hubert Joly, 59, is handing leadership of the reinvigorated electronics retailer to longtime executive Corie Barry, 43, as part of the company's succession plan effective June 11. Barry, who is currently the company's chief financial and strategic transformation officer, will become the fifth CEO in Best Buy's 53-year history and the company's first female CEO.

Joly will become executive chairman of the board after stepping down.

It was only a few years ago when skeptics were ready to write the obituary of Best Buy. But under Joly, who took over as CEO in 2012, the company is being reinvented, focusing on driving online revenue as well as improving the in-store experience as many traditional retailers face dwindling foot traffic and sales. Online sales now account for about 22% of Best Buy's business.

Best Buy is also working to build deeper relationships and increase total revenue from customers who are shopping both online and in stores. That means reducing the time a customer has to spend at the pickup counter.

It's also means expanding services. Its free adviser service where salespeople visit customers at home to make recommendations on TVs and other electronics has been doing well. Last year, it launched a service that costs $199.99 a year that offers unlimited Geek Squad technical support. As of the latest quarter, it has signed up more than 1 million members.

The company is also pushing more into the health field, acquiring a company last year called GreatCall that provides emergency response devices for the aging.

Additionally, Best Buy now offers same-day delivery on thousands of items in 40 metropolitan areas and next-day delivery in 60 metropolitan areas.

Barry has been with the company in various executive jobs since 1999. She became CFO in 2016 and prior to that, served as the company's chief strategic growth officer. She will also join the board of directors, which is expanding to 13 members.

"Today's technology and consumer landscape creates tremendous opportunities for Best Buy to further expand and deepen relationships with our customers and employees, while continuing to drive shareholder value," she said in a statement.

At the opening bell, shares of Best Buy Co. dipped less than 1% to $73.

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2019-04-15 12:57:15Z
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Citigroup reports mixed Q1, stock dips as equity trading swoons - Yahoo Finance

Citigroup reports mixed Q1, stock dips as equity trading swoons

Citigroup (^C) reported mixed first quarter earnings on Monday that beat Wall Street’s estimates, but a modest rise in bond trading wasn’t enough to offset a steep drop-off in stock trading revenue.

The banking giant earned $1.87 per share compared to earnings per share of $1.68 in the comparable year-ago quarter. Amid a dip in institutional client activity, Citi’s revenue for first quarter came in at $18.6 billion, versus $18.9 billion during the first quarter of 2018.

On average, Wall Street analysts expected Citi to earn $1.80 per share on $18.59 billion of revenues.

The bank saw a 2% year-over-year drop in revenue, but that was offset by a commensurate rise in net income, driven by cost cutting and a boost from lower tax rates.

Meanwhile, earnings per share soared 11%, Citi said, helped by a cut in average diluted shares and the boost in net income. However, a 1% revenue gain in bond dealing wasn’t enough to offset a 24% plunge in equities trading during the quarter.

Citi’s results are part of the first wave of big bank earnings, which normally set the tone for markets, as well as expectations for the economy. Last week, JPMorgan Chase’s blockbuster first quarter blew past market estimates, and helped spark a broad rally.

The largest U.S. bank reaped record revenues and blew past Wall Street’s estimates, while Goldman Sachs also turned in a better-than-expected profit, but its results were weighed by a steep drop in trading revenue.

Citi’s stock, traded on the New York Stock Exchange, fell by 0.6 % in early U.S. trade, changing hands around $67 per share.

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2019-04-15 14:43:00Z
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Goldman Sachs posts mixed Q1 results, sees drop in trading revenue - Yahoo Finance

Goldman Sachs (^GS) delivered better-than-expected first quarter earnings per share but missed on revenue, amid a steep drop in trading.

For the first quarter, the bank delivered adjusted earnings per share of $5.71, versus analysts’ estimates of $4.99.

Revenue for the quarter came in at $8.81 billion, missing analysts’ forecasts of $8.97 billion. The $8.81 billion figure is 13% lower than the revenue posted during the first quarter of 2018. The drop reflected lower revenues in the institutional client services and investing and lending businesses.

In a statement, CEO David Solomon said Goldman Sachs was “focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally. With improving momentum across our businesses, we are confident that Goldman Sachs will generate attractive returns for our shareholders.”

Goldman’s results largely reflected what analysts had already anticipated would be a tough quarter for big bank trading, given the volatile market conditions.

Breaking the results down, net revenues for fixed income, currency and commodities (FICC) dropped 11% from the year prior to $1.84 billion. The slump in FICC was attributed to “lower net revenues in interest rate products, currencies and credit products.”

Elsewhere, revenue from equities trading plunged 24% from a year ago to $1.77 billion primarily because of “significantly lower” net revenues in equities client execution, especially in derivatives. What’s more, trading volumes were lower impacting fees and commissions.

“During the quarter, equities operated in an environment characterized by improved market conditions, however client activity and levels of volatility were both lower compared with the fourth quarter of 2018,” the bank stated.

Meanwhile, investment banking revenues, part of Goldman’s bread and butter, were flat at $1.81 billion from the first quarter a year ago — and 11% lower than in the fourth quarter of 2018.

Within investment banking, financial advisory revenues were 51% higher than a year ago at $887 million, driven by an increase in mergers and acquisitions. Yet underwriting revenues dropped 24% to $923 million, due to an industry-wide decline in IPOs and fewer leveraged finance transactions.

Goldman also boosted its quarterly dividend to 85 cents per share.

Shares of Goldman briefly popped in pre-market trading, but trended lower ahead of the bell.

Here's a breakdown for the net revenue for business segments at Goldman Sachs during the first quarter.

Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.

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2019-04-15 12:32:00Z
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A Peek Into The Markets: US Stock Futures Mixed After Goldman Sachs Earnings - Benzinga

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade. Goldman Sachs Group Inc (NYSE: GS) reported mixed first quarter results. The Empire State manufacturing index for April is schedule for release at 8:30 a.m. ET. Chicago Federal Reserve Bank President Charles Evans is set to speak at 8:30 a.m. ET and 12:00 p.m. ET.

Futures for the Dow Jones Industrial Average rose 16 points to 26,424, while the Standard & Poor’s 500 index futures declined 0.25 points to 2,912.25. Futures for the Nasdaq 100 index declined 3.5 points to 7,648.75.

Oil prices traded higher as Brent crude futures fell 0.9 percent to trade at $70.94 per barrel, while US WTI crude futures dropped 1 percent to trade at $63.26 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.2 percent, STOXX Europe 600 Index gaining 0.1 percent and German DAX 30 index gained 0.1 percent. The UK's FTSE index was trading lower by 0.1 percent, while French CAC 40 Index rose 0.1 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 1.37 percent, Hong Kong’s Hang Seng Index declined 0.33 percent, China’s Shanghai Composite Index fell 0.34 percent and India’s BSE Sensex rose 0.36 percent.

Broker Recommendation

Analysts at Goldman Sachs downgraded Wells Fargo & Co (NYSE: WFC) from Buy to Neutral.

Wells Fargo shares fell 1.7 percent to $45.70 in pre-market trading.

Breaking News

• Advanced Disposal Services Inc (NYSE: ADSW) agreed to be acquired by Waste Management, Inc. (NYSE: WM) for $33.15 per share in cash for a total value of $4.9 billion.
• Fibrocell Science Inc (NASDAQ: FCSC) disclosed an agreement with Castle Creek Pharmaceuticals to develop and commercialize FCX-007. Fibrocell will receive a $30M upfront payment..
• Aphria Inc (NYSE: APHA) reported worse-than-expected Q3 EPS and revenue results.
• Electronics For Imaging, Inc. (NASDAQ: EFII) agreed to be acquired by an affiliate of Siris Capital Group, LLC in all-cash transaction valued at approximately $1.7 billion.

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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2019-04-15 12:31:00Z
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Best Buy New CEO to be CFO Corie Barry, Replacing Hubert Joly - Fortune

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2019-04-15 12:19:28Z
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Citigroup Q1 earnings per share $1.87, beating estimates - Yahoo Finance

Citigroup Q1 earnings per share $1.87, beating estimates

Citigroup (^C) reported first quarter earnings on Monday, beating Wall Street’s estimates as big bank earnings continue to top expectations.

The global bank earned $1.87 per share compared to earnings per share of $1.68 in the comparable year-ago quarter. Amid a dip in institutional client activity, Citi’s revenue for first quarter came in at $18.6 billion, versus $18.9 billion during the first quarter of 2018.

On average, Wall Street analysts expected Citi to earn $1.80 per share on $18.59 billion of revenues.

The bank saw a 2% year-over-year drop in revenue, but that was offset by a commensurate rise in net income, driven by cost cutting and a boost from lower tax rates.

Meanwhile, earnings per share soared 11%, Citi said, helped by a cut in average diluted shares and the boost in net income.

Citi’s results are part of the first wave of big bank earnings, which normally set the tone for markets, as well as expectations for the economy. Last week, JPMorgan Chase’s blockbuster first quarter blew past market estimates, and helped spark a broad rally.

The largest U.S. bank reaped record revenues and blew past Wall Street’s estimates, while Goldman Sachs also turned in a better-than-expected profit.

Citi’s stock, traded on the New York Stock Exchange, fell modestly in premarket trade.

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2019-04-15 12:16:00Z
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